Mahindra's new-look Verito @ Rs 5.27 lakh

In the last fiscal, we sold 18,000 units of the car and this year we are looking to outperform the industry growth," Mahindra & Mahindra chief executive (automotive division) Pravin Shah told reporters in New Delhi.

The new Verito is more expensive by Rs 7,000 to Rs 19,000 across different variants than earlier model.

Shah said the company has an annual capacity of producing 20,000 units of Verito at its plant at Nashik in Maharashtra.

M&M had taken licence from its erstwhile joint venture partner Renault to manufacture and sell sedan Logan in the Indian market when their association ended in 2010.

Mahindra's new-look Verito @ Rs 5.27 lakh

Later, in April 2011 the company had relaunched the car and renamed it as Verito.

The Indian auto major is currently working on a sub-four metre version of the Verito which will qualify for the excise duty benefit given on small cars.

Asked if M&M would remain a single car company with its strength lying in utility and sports utility vehicles, Shah said: "We don't mind being a single car company to the extent that if we are bringing value to the customers."

He declined to comment on whether M&M would develop new car models based on the Verito platform.